April is a good time to stop and think about your family’s financial goals. April is annually declared financial literacy awareness month and usually it coincides with doing your taxes – which is a chance to look at what you are earning and what you are spending.
After filing your taxes, is also a good time to review your tax withholdings and update your W-4, if you want more or less money withheld from your paycheck. Adjusting withholdings will increase or decrease the refund amount you get from the IRS each year.
Think about the expenses you have every month and the expenses you have periodically throughout the year. If you are spending more than you earn, then you are either taking money from savings or you are using credit. Sometimes in the short run, using credit is what you need to do, but in the long run, it’s not sustainable.
Financial success and happiness takes planning. Evaluate your financial situation relative to your career choice, define your financial goals, develop a plan of action to achieve your goals, and implement a spending plan to monitor and control your progress.
Celebrate financial literacy month by finding a book, class, or podcast to further your personal finance knowledge.
By: Brenda Langdon
